Annual Analysis of How Over 800 Retailers Are Using Social Commerce to Improve the Shopping Experience
8thBridge®, the market leader in Social Discovery, today announced the results of its third annual Social Commerce IQ (SCIQ) report, which analyzed the social commerce strategies of 872 retailers. The number of retailers analyzed this year was almost double the number analyzed in last year’s report, to include nearly all of the brands from companies in the Internet Retailer 2013 Top 500 Guide and additional brands Internet Retailer determined were up and coming.
“Social Commerce has rapidly changed from ecommerce transactions on social networks to focus on empowering people to discover new product ideas from each other while they shop with the brands they love,” said Wade Gerten, CEO of 8thBridge, Inc. “The launching of social discovery and curation solutions this year by some of the world’s largest retailers, Toys”R”Us, eBay, Walmart, Target, and Amazon, is a strong indication that on-site social discovery has gone mainstream.”
7 social platforms were analyzed for the 872 retailers including: Facebook, YouTube, Twitter, Instagram, Pinterest, Google+, and Vine. 4 areas were taken into account when calculating the SCIQ scores: brand awareness on social networks, social upstream traffic, website social lift, and Social CRM.
The top 25 companies identified in the SCIQ are:
1. Free People
4. Lolly Wolly Doodle
7. Bourbon & Boots
13. Sears Holdings
14. Diamond Candles
16. American Eagle Outfitters
-Pinterest’s Pin It button overtook Facebook’s Like button on the product page
-86% of retailers planning site redesigns for 2014 are planning to add social shopping features
-Engagement on Facebook brand pages was down 27%
-Eight of the companies in the Top 25 list are among the Top 50 in the Internet Retailer 2013 Top 500 Guide
The digital version of the Social Commerce IQ: Retail 2013 report can be downloaded for free here: www.8thBridge.com/socialcommerceiq/